Plans by Facebook and other private companies to issue so-called stablecoins backed by government securities could disrupt the supply of collateral to financial markets, according to a new International Monetary Fund working paper.

In the working document of the IMF, the so-called Providing privacy, payment latency and collateral rolesAuthors Charles Kahn, Caitlin Long, and Manmohan Singh argue that digital currencies are analogous to collateral reuse, where securities are exchanged for cash. He looked at

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